Johnson OKs reverse stock split: Johnson Products Co...

May 26, 1990

Johnson OKs reverse stock split: Johnson Products Co. approved a 1-for-10 reverse stock split of the company`s common stock, subject to shareholder approval at a special meeting at an unspecified date. In lieu of issuing fractional shares, the company will pay cash based on the closing price the day before the special meeting, but in no event less than $2.75. Eric G. Johnson, president and chief executive officer of Johnson Products, said, ``we believe the reverse stock split will increase interest in the stock by the financial community and the investing public.``